Although speculations of reintroducing Rs 1000-note have been put to rest by Government of India, but they have surely raised the mercury across the country.
Economic Affairs Secretary Shaktikanta Das, on Wednesday, clearly stated that the government has no plans to introduce 1000-rupee notes. Instead, it is concentrating on increasing the production of 500-rupee notes.
For the last few days, rumours have been doing the round that currency printing presses had started printing a new version of the Rs 1000-note. Not only this, people are also afraid that in lieu of this government may not recall newly introduced Rs 2000-note.
These rumours have once again sparked panic among the people, as some places reported long queues outside the ATMs. Citing this, Mr Das has urged in his tweet that draw the amount of cash one actually requires as over withdrawal by some deprives others. He also reassured that government is constantly working to address "complaints of cash out in ATMs" but asked people to cooperate too.
Last year on November 8, the government had suddenly recalled out all Rs 500 and R. 1000 notes, which reportedly wiped out around 86% of the total currency in the Indian market.
As an alternative, the Reserve Bank of India had introduced a new series of Rs 500 and Rs 2000 notes. However, the federal bank failed to replace the currency stock that was withdrawn. This resulted in huge lines outside the banks and ATMs. In fact, quite number of ATMs still do not dispense enough cash.
Picture credit: The Financial Express
